Beleaguered Southland commercial landlord Maguire Properties Inc., which is under pressure to consider an unsolicited takeover bid, is selling another Orange County office property to improve its balance sheet.

The Los Angeles real estate investment trust said Tuesday it has agreed to sell Irvine's Main Plaza which comprises two, 12-story office buildings and two other buildings totaling about 607,000 square feet for about $211 million to Shorenstein Properties LLC.

Maguire's fourth-largest investor, Third Point LLC, disclosed Monday that Maguire earlier received and rejected a buyout bid of about $20 a share. The offer by an unidentified bidder is worth $940 million, and is 67 percent more than the company's July 3 closing share price. Third Point principal Daniel Loeb said the company should have more seriously considered the offer.

Another fund, JMB Capital Partners LP, said it has bought a 9.8 percent stake in Maguire and plans to seek control of the board. However, analysts say the current board is more likely to give the company's new chief executive, Nelson Rising, time to turn the company around before considering a sale.

The REIT, which is downtown L.A.'s largest landlord, has moved to shore up its director expertise. On Monday it named to the board Christine Garvey, a former head of corporate real estate services at Deutsche Bank AG.

For reprint and licensing requests for this article, CLICK HERE.